Going Private • Retail

Sycamore Partners Acquires Walgreens Boots Alliance

On March 6, 2025, private equity firm Sycamore Partners acquired retailer Walgreens Boots Alliance for 23.7B USD

Acquisition Context
  • This is Sycamore Partners’ 10th transaction in the Retail sector.
  • This is Sycamore Partners’ largest (disclosed) transaction.
  • This is Sycamore Partners’ 23rd transaction in the United States.
  • This is Sycamore Partners’ 2nd transaction in Illinois.

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M&A Deal Summary

Date March 6, 2025
Target Walgreens Boots Alliance
Sector Retail
Buyer(s) Sycamore Partners
Deal Type Going Private
Deal Value 23.7B USD
Advisor(s) Centerview Partners
Morgan Stanley (Financial)
Kirkland & Ellis (Legal)

Target Company

Walgreens Boots Alliance

Deerfield, Illinois, United States
Entrance to Walgreen's corporate headquarters in Deerfield, Illinois.
Entrance to Walgreen's corporate headquarters in Deerfield, Illinois.
Walgreens Boots Alliance is a multichannel retailer of consumer goods and services focused on health and wellness services and advice. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with online and mobile services. Walgreens Boots Alliance was founded in 1909 and is based in Deerfield, Illinois.
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Buyer Overview 1

Buyer

Sycamore Partners

New York, New York, United States

Category Private Equity Firm
Founded 2011
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Sycamore Partners is an opportunistic and operationally focused private equity firm that targets businesses and divisions in the consumer and retail sectors. The Firm looks to partner with management teams to improve the operating profitability and strategic value of their businesses. Sycamore was formed in 2011 and is based in New York City.


Deal Context for Buyer #
Overall 27 of 29
Sector: Retail 10 of 10
Type: Going Private 6 of 6
State: Illinois 2 of 2
Country: United States 23 of 25
Year: 2025 1 of 3
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-03 Playa Bowls

Belmar, New Jersey, United States

Playa Bowls is a healthy fast-casual restaurant franchisor featuring açai bowls, smoothies and related offerings, with more than 150 franchised and corporate-owned locations. Playa Bowls was founded in 2014 and is based in Belmar, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-28 CareCentrix

Hartford, Connecticut, United States

CareCentrix provides specialty benefit management services to health plans, improving quality and reducing costs in several areas of home-based healthcare such as home nursing, home medical equipment, home drug infusion, sleep diagnostic tests and hospital readmissions. CareCentrix was founded in 1996 and is based in Hartford, Connecticut.

Buy -